International Markets Bureau MARKET INDICATOR REPORT | JUNE 2012

Consumer Trends Sauces, Dressings and Condiments in South America

Source: Shutterstock

Consumer Trends Sauces, Dressings and Condiments in South America

EXECUTIVE SUMMARY

INSIDE THIS ISSUE

According to population data from the Central Intelligence Agency (CIA) World Factbook, the combined population of the 13 nations that make up South America was approximately 465 million, as of July 2011.

Executive Summary

2

Consumer Trends

3

Retail Trends

3

This report focuses on South America’s largest markets: Brazil, Argentina, Chile, Colombia, and Venezuela.

Market Data

4

Competition

5

Continued economic pressure in South America is causing high inflation in some regions. Rising meat and poultry prices in South America will continue to influence the diet of many consumers, forcing them to rely heavily on pasta and frozen, processed food. This will increase the demand for sauces, dressings and condiments as these products are often complementary to both food categories.

Product Developments

5

Wholesalers/Distributors/ Importers

6

Regional Data

6

Argentina

6

Brazil

9

Chile

12

Colombia

15

Venezuela

18

Euromonitor is forecasting that many South Americans will increase their consumption of both premium and healthier sauces, dressings and condiments in the future. The rising cost of dining outside the home is causing more and more South Americans to eat at home, further boosting the sauces, dressings and condiments sector. Colombia is the one exception, with Euromonitor attributing growth in the sauces, dressings and condiments sector to the profusion of restaurants serving international foods. This causes a domino effect, as more Colombians attempt to duplicate these restaurant dishes at home. Brazil is experiencing rapid growth of the middle class; this, in turn, could boost sales in the sauces, dressings and condiments sector, as this group seeks to improve the quality of their food choices. For countries like Venezuela, there are opportunities for private label product growth, as consumers incorporate private label food items into their regular diets. New innovations in the sauces, dressings and condiments sector are occurring in product packaging. Some leading companies are developing more sophisticated designs, to differentiate their premium products as gourmet and stylish. Internal pressures could create key opportunities in South American countries like Brazil, with its huge domestic market and ambitious growth plans, and Canada is positioning itself for just such opportunities.

Resources

21

Bibliography

22

DID YOU KNOW? Future

demands on the food supply chain will be affected by the rise of the middle class in South America.

When consumers join the

ranks of the middle class, they increase both their overall food consumption and the quality of their consumption.

PAGE 2

CONSUMER TRENDS The popularity of home cooking continues to grow and is fuelling positive growth in the sauces, dressings and condiments sector in countries like Argentina. This trend is attributed to the rising cost of dining outside of the home. Tomato paste and purees are among the most popular items in the sauces, dressings and condiments sector, due in part to the dramatic rise of the cost of beef in South America, causing consumers to substitute pasta for meat. There are regional variations in diet that are influencing popularity of specific sauces, dressings and condiments. As an example, Neapolitan and Portuguese tomato sauces are popular ingredients in home made pizza in Argentina, while Thai and Japanese foods are becoming popular in Chile, raising the demand for a new range of herbs and spices. Healthier sauces are becoming increasingly popular with consumers demanding low calorie, low fat and low sodium choices. Premium sauces, dressings and condiments are enjoying great success in South America, with one exception being Venezuela. In Venezuela, there is a growing demand for private label products, which could be due to the country’s depressed economic situation. Drought in the country has also forced Venezuelan consumers to purchase canned tomatoes, as this is often the only way to access the fruit.

RETAIL TRENDS Supermarkets/hypermarkets are the most popular channel for purchasing sauces, dressings and condiments in South America, accounting for 50% of sales in 2010. Independent small grocers accounted for 42%, while discounters claimed a further 5%. In South American supermarkets/hypermarkets, it has become common practice to use small televisions, positioned mainly near snacks and legumes, to promote sauces, dressing and condiments. These televisions show informative programs, introducing the consumer to possible food combinations, in an effort to strengthen sales. Another practice has been to locate sauces, dressings and condiments near complementary products, to entice the consumer into purchasing both products. Some top chains, with a bank as a partner, offer discounts to consumers who pay by credit or debit cards on certain weekdays. Multinational retailers like Walmart and Carrefour are making countries like Brazil a top market priority. Retailers like Cencosud SA and Omega SA are two leading supermarket players in Chile.

PAGE 3

MARKET DATA Brazil is the largest market for sauces, dressings and condiments in South America, followed by Argentina. However, Venezuela enjoyed the greatest year-on-year market growth for 2010 at 48.4%.

South America Market Sizes – Sauces, Dressings and Condiments – Historic Retail Value US$ Millions – Fixed 2011 Exchange Rates Country Argentina

2006 407.9

2007 524.6

2008 692.7

2009 847.5

2010 1,101.8

Brazil Chile Colombia Venezuela

3,366.7 349.0 286.3 327.7

3,684.7 372.8 309.8 395.2

4,113.5 411.5 334.7 487.1

4,353.7 418.9 360.5 635.9

4,868.0 428.5 383.1 806.6

Source: Euromonitor.

Market Sizes – Sauces, Dressings and Condiments Year-on-Year Growth 60.0 2006-07 2007-08

50.0

Growth %

2008-09 2009-10

40.0

2010-11

30.0

20.0

10.0

0.0 Argentina

Brazil

Chile

Colombia

Venezuela

Country Source: Euromonitor.

PAGE 4

COMPETITION In 2010, the value of Canada’s sauces, preparations and mixed condiments1 exports into South America has steadily increased from 2008 (C$1,144,612) to reach C$1,332,162. This was an increase of approximately 15%. Latin America – Imports of Sauces, Dressings and Condiments for 2010 – C$ Actual HS Code 210310 210320 210390 091010 091020 091030 091040 091050

Product HS Category Soy Sauce Tomato Ketchup and Other Tomato Sauces Sauces, Preparations and Mixed Condiments Ginger Saffron Turmeric Thyme and Bay Leaves Curry

Canada Export Value 0 2,019,470 1,332,162 0 0 0 0 0

World Export Value 3,438,780 12,317,940 163,156,831 804,954 7,409,568 1,407,936 262,575 270,037

Source: Global Trade Atlas.

PRODUCT DEVELOPMENTS Many premium brands, such as those under the Unilever Group, are investing heavily in advertising, highlighting the quality and healthiness of their products, with low-fat, low-sodium, and low-calorie choices continuing to gain market share. Niche products are also being created with a focus on satisfying those consumers who wish to engage in new and exotic culinary adventures. There is a market for economy and private label brands for those consumers who are interested solely in price. Several competitors in the sector have introduced and will continue to add new flavours to their existing and new products. South America – Sauces, Dressings and Condiments Packaging Type by Volume in Billions

140 120 100 80 60 40 20 0 Flexible Rigid Plastic Paper-based Packaging containers

Liquid cartons

Metal

Glass

Other packaging

Source: Euromonitor, 2010 .

1 According to Global Trade Atlas, HS code # 210390 exports to the following countries: Panama, Cuba, Peru, Venezuela, Chile, Honduras, Nicaragua, Argentina, Brazil, Colombia, Guatemala, Costa Rica, Guyana, Uruguay, French Guiana, Paraguay, Boliva and El Salvadore.

PAGE 5

WHOLESALERS/DISTRIBUTORS/IMPORTERS Most exporters enter the South American market through Chile. This trend is based on several factors, such as clear importation guidelines and well-established distribution networks. Major ports in Chile are Iquique and San Antonio. Major cities in the region are Sao Paulo (11.8 million people), Brazil; Buenos Aires (12.9 million people), Argentina; Santiago (5.4 million people), Chile; Bogota D.C. (8 million people), Colombia; and Caracas (2.1 million people), Venezuela. Here is a sample of contacts for exporting to South America: Visit www.thefoodworld.com for a list of food producers and suppliers by commodity and by country. In addition, the International Trade Centre database, www.intracen.org, provides contact information for importer associations, as well as trade support institutions by country.

REGIONAL DATA ARGENTINA Argentina is the second-largest country, and the third-largest economy, in South America. The population is approximately 42 million (92% is urban), and showed a population growth rate of 1% in 2011. Major cities are Buenos Aires (12.9 million), Cordoba (1.5 million), and Rosario (1.2 million). Both Buenos Aires and Rosario are home to major shipping ports. Argentina’s economy has rebounded from the 2009 recession. The country’s unemployment rate is at its lowest in 20 years (approximately 7% in 2010). According to Argentina’s central bank, the economy expanded 9.1% in 2010, its fastest pace since 1992. In 2011, the International Monetary Fund predicted a gross domestic product (GDP) growth rate for Argentina of approximately 8%, and 4.6% in 2012. The economy is improving due to the Argentine Government’s aggressive fiscal stimulus efforts.

Source: Shutterstock.

Food imports into Argentina equalled 4% of total merchandise imports for 2009, which were worth US$38.7 billion. In 2011, the average cost to import was US$1810.00 per container2, and the average time to import was 16 days. Transportation in Argentina is carried out mostly by road ways, although the country has a number of national and international airports. In 2007, over 25 million tons of freight was transported by rail within Argentina. There are five carriers operating rail services in the country. Consumer spending on food and non-alcoholic beverages was US$3,906.1 in 2010, up from US$3,528.2 in 2009. Euromonitor states that consumers located in the interior of Argentina are looking for lower price alternatives in groceries (such as edible oils), like private label and second-place brands, as they are more price conscious than their urban counterparts. Sales of private label products using names other than the retailer’s are performing well and becoming popular with this consumer segment.

In 2010, the most popular sub-category within the sauces, dressings and condiments sector was tomato pastes and purees, which experienced per household spending of US$36.10.

2 Cost reflects the fees associated with completing the procedures to export or import a 20-foot container, including documents, administrative fees for customs clearance and technical control, customs broker fees, terminal handling charges and inland transport. The cost measure does not include tariffs or trade taxes. Only official costs are recorded (Source: The World Bank).

PAGE 6

REGIONAL DATA (continued) Argentina Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Value – US$ Millions – Fixed 2011 Exchange Rate Category Sauces, Dressings and Condiments

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

407.9

524.6

692.7

847.5 1,101.8 1,415.5 1,661.4 1,951.3 2,292.6 2,651.4

Cooking Sauces Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices Monosodium Glutamate (MSG) Pasta Sauces

128.5 51.9

172.9 63.2

238.5 85

287.5 101.8

368.0 131.5

471.2 169.6

551.3 198.5

649.7 233.9

763.9 275.8

895.6 324.2

10.1

17.5

27

32.1

41.6

52.5

60.4

69.5

79.8

91.9

36.4

47.9

63.9

79.6

99.4

124.7

143.7

167

194.4

225.9

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

29.2

43.2

61.1

72.3

93.4

121.8

145.7

175.6

209.9

248.8

Wet/Cooking Sauces

0.8

1.1

1.4

1.6

2.1

2.6

3

3.5

4.1

4.8

0.2

0.2

0.3

0.3

0.4

0.5

0.5

0.6

0.7

0.8

Dips Pickled Products

45.3

41.2

38.1

43.8

56.4

70.6

82

95.5

100.9

127.4

Table Sauces

99.1

127.4

165.1

198.3

265.6

342.6

407.1

477

560.7

656.7

Barbecue Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Brown Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cocktail Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Curry Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Horseradish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Ketchup

4.8

6.3

8.1

10

13.1

16.9

19.9

23.2

27.4

32

Mayonnaise

73.2

95.8

126.5

151.4

203.2

263.2

313.5

367.9

432.8

508.3

Mustard

10.2

12.6

15.8

19.7

26.2

33.6

39.8

46.5

54.7

64.1

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

3

3.6

4.2

5.2

6.7

8.3

9.7

11.3

13.3

15.4

1.1

1.2

1.4

1.7

2.1

2.6

3.2

3.7

4.4

5.1

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

6.7

7.8

9.2

10.4

14.2

17.9

20.8

24.2

28

31.8

131.3

178.3

244.7

310.5

402.8

519.6

607.7

713.6

838.8

950.4

3.6

4.6

6.1

7.0

8.7

11.0

12.8

15

17.6

20.5

Oyster Sauces Salad Dressings Soy-Based Sauces Spicy Chili/Pepper Sauces Tartar Sauces Vinaigrettes Worcester/Steak Sauces Other Table Sauces Tomato Pastes and Purées Other Sauces, Dressings and Condiments Source: Euromonitor.

PAGE 7

REGIONAL DATA (continued) Argentina Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Volume in '000 tonnes Category Sauces, Dressings and Condiments Cooking Sauces

2006

2007

2008

2009

2010

2011

2013

2014

280.5

297.7

311.1

319.4

334.7

351.0

367.2

383.7

401.7

410.7

31.3

36.9

41.2

42.3

43.7

45.8

48.2

51.0

53.9

56.8

8.8

9.9

10.8

11.0

11.4

11.9

12.4

13.0

13.6

14.1

1.4

1.6

1.7

1.8

1.8

1.9

2.0

2.0

2.1

2.1

2.7

2.8

2.9

3.0

3.1

3.2

3.3

3.4

3.6

3.7

18.0

22.2

25.3

26.1

26.9

28.4

30.1

32.1

34.1

36.2

0.4

0.4

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Dips

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.1

0.1

0.1

Pickled Products

8.1

8.5

8.8

8.6

8.8

9.1

9.4

9.7

10.0

10.3

Table Sauces

53.3

56.5

59.1

60.8

65.1

68.7

72.2

75.7

79.6

83.5

Ketchup

2.4

2.7

3.0

3.2

3.4

3.6

3.8

3.9

4.1

4.3

44.0

46.5

48.4

49.9

53.5

56.5

59.5

62.5

65.7

68.9

Mustard

4.5

4.8

5.0

5.2

5.5

5.8

6.1

6.4

6.7

7.0

Salad Dressings

1.3

1.3

1.4

1.4

1.5

1.5

1.6

1.6

1.7

1.8

Soy-Based Sauces

0.2

0.1

0.1

0.1

0.1

0.1

0.2

0.2

0.2

0.2

Vinaigrettes

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other Table Sauces

1.0

1.0

1.0

1.0

1.0

1.1

1.1

1.1

1.2

1.2

Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices Pasta Sauces Wet/Cooking Sauces

Mayonnaise

2012

2015

Source: Euromonitor.

Argentina Sauces, Dressings and Condiments Market –Top 5 Brand Shares (by Brand Name) – Historic Retail Value –% Breakdown Brand Knorr Hellmann’s

Company Name (GBO) Unilever Group Unilever Group

2006 17.0

2007 16.0

2008 14.5

2009 14.7

2010 14.6

9.4

10.0

10.2

10.3

10.7

Alicante

Cafés La Virginia SA

6.1

6.6

6.2

7.1

6.8

Arcor

Arcor SAIC

4.1

5.0

5.2

5.4

5.6

Fanacoa

Unilever Group

3.5

3.5

3.5

3.5

3.6

Source: Euromonitor.

PAGE 8

(continued) REGIONAL DATA (suite) BRAZIL Brazil is the largest country in South America and the world's fifth-largest, both by geographical area, and by population, with over 194 million people in 2010 (annual growth of 1%). Eighty-seven percent of the country’s population live in an urban setting, heavily concentrated in the Southeastern (79.8 million inhabitants) and Northeastern (53.5 million inhabitants) regions. Sao Paulo (11.8 million) and Rio de Janeiro (6.3 million) are ranked first and second as the largest cities in Brazil. Brazil’s economy is the seventh-largest in the world by nominal GDP value, and one of the world's fastest-growing major economies. Brazil reports that its middle class is growing by about 5 million persons annually (estimated to be 48 million in 2010) – good news for a ‘bread-basket’ nation like Canada. The latest economic data show that although the Brazilian economy has grown vigorously in Q1-2011, a gradual slowdown is taking place. Demand side indicators show a slowdown in private consumption as a result of tightening monetary policy and measures aimed at curbing credit growth. The pace of moderate consumer spending is still expected to drive growth, supported by low unemployment and wage growth. Export Development Canada economists expect the economy to grow by 4.6% in 2011. Food imports into Brazil were 5% of total merchandise imports in 2010 (US$199.7 billion). The average time to import into the country in 2011 was 17 days and the average cost to do so was US$2275.00. Brazilian consumer spending on food and non-alcoholic beverages sat at approximately 20% of income in 2010. Brazil’s cuisine differs from region to region, but is still similar in some instances, to that of its South American neighbours. Portuguese, Japanese, Lebanese, Spanish and German foods influence the area. Locally grown vegetables and fruit, such as root vegetables, pineapple, and yams dominate in each region. Southern Brazilians snack on local pine nuts, soft-ripened cheeses, and dishes made with corn, pork, beans, rice, and chicken. Pork chops are the region’s equivalent to a “T-bone steak” and are often served with fried banana and egg. In Northern Brazil, one will find meals heavily influenced by indigenous cuisine, consisting of duck, rice, seafood, okra, garlic, coconut oil, chicory, and pork. In the northeastern part of Brazil, Afro-Bahian cuisine evolved from African, Amerindian, and traditional Portuguese dishes, using locally available ingredients like beans, seafood, red pepper, cashew nuts, okra, garlic, onions, tropical fruit, and rice. Future demands on Brazil’s food supply chain will be directly affected by the rise of the middle class in South America. When consumers cross over into the ranks of the middle class, there is a discernible change in consumption patterns. On balance, they increase overall consumption, but they also increase the quality of that consumption. And one of the first places they start is food. Brazil has a large and diverse transport network. Of the many deep-water ports, Rio de Janeiro is one of the most important. Roads are the primary mode of freight and passenger traffic, and with Brazil hosting the FIFA World Cup (2014) and The Olympic Games (2016), heavy investment in new infrastructure should be expected. Internal pressures could create key opportunities in Brazil with its huge domestic market and ambitious growth plans, and Canada is positioning itself for just such opportunities. Recent visits from the Prime Minister and senior cabinet members, as well as the creation of the Canada-Brazil CEO Forum, underscore the current and future importance of the Brazilian market to Canadian exporters and investors.

In 2010, the most popular sub-category within the sauces, dressings and condiments sector in Brazil was cooking sauces, which experienced per household spending of US$37.60.

PAGE 9

REGIONAL DATA (continued) Brazil Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Value – US$ Millions – Fixed 2011 Exchange Rate Category Sauces, Dressings and Condiments

2006

2007

2008

2009

2010

2011

2012

2013

2014

3,366.7 3,684.7 4,113.5 4,353.7 4,868.0 5,220.4 5,697.1 6,234.5 6,801.5

2015 7,409

Cooking Sauces 1,151.0 1,310.1 1,502.9 1,625.0 1,898.1 2,127.2 2,395 2,702.1 3,014.6 3,349.1 Bouillon/Stock Cubes 443.4 513.2 517.6 540.2 586.5 624 686.4 765.1 861 965.2 Dry Sauces/Powder 4.6 4.9 4.8 5 5.1 5.3 5.6 5.9 6.3 6.7 Mixes Herbs and Spices 207.9 224.8 265.4 282.4 314.3 349.7 384.9 412 438.8 469.8 Monosodium 3.6 4 4.1 4.2 4.4 4.5 4.6 4.8 5.1 5.3 Glutamate (MSG) Pasta Sauces 480.7 551.1 696.3 779 971.4 1,126 1,293.3 1,491.7 1,678 1,873.5 Wet/Cooking Sauces Dips

10.8

12.1

14.7

14.3

16.3

17.7

20.2

22.6

25.4

28.5

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

620.4

670.5

710.9

742.3

789.3

835.1

885.8

Pickled Products

494.3

544.3

601.6

Table Sauces

865.6

931.2

974.0 1,052.5 1,133.2 1,194.0

Barbecue Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Brown Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cocktail Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Curry Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

1,297 1,400.4 1,515.9 1,643.4

Fish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Horseradish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Ketchup

170.8

200.3

226.3

282.6

320.3

347.3

380.5

414.8

455.7

503.1

Mayonnaise

444.9

460

452.6

458.7

476.8

494.3

533.8

572.2

615.2

662.3

28.7

29.5

31.8

34.8

36.9

37.4

39.4

41.7

44.2

46.8

Mustard Oyster Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Salad Dressings

28.9

32.8

38.1

37.5

41.1

43.7

48.2

52.6

57.5

62.4

Soy-Based Sauces Spicy Chili/Pepper Sauces Tartar Sauces

32.9

39.5

46.2

55.2

60.8

65.9

73.2

80.6

88.2

97

72.2

75.6

83

86.6

93.2

98.4

106.5

113.8

119.7

125.5

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

3.7

4

4.5

4.6

4.9

5.2

5.7

6.2

6.7

7.3

70.3

75.5

76.9

77.4

83

86.1

93.2

100.9

110

119.3

13.1

13.9

14.7

15.1

16.2

15.7

16.6

17.6

18.7

19.8

433.4

426.0

531.5

522.6

567.2

546.9

548.9

550.7

554.5

557.2

422.4

473.1

503.5

533.3

599.0

641.5

713.9

792.1

881.4

973.5

Vinaigrettes Worcester/Steak Sauces Other Table Sauces Tomato Pastes and Purées Other Sauces, Dressings and Condiments Source: Euromonitor.

PAGE 10

REGIONAL DATA (continued) Brazil Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Volume in '000 tonnes Category Sauces, Dressings and Condiments Cooking Sauces

2013

2014

900.6

939.3

973.2 1,009.2

334.5

364.0

395.4

421.7

448.6

53.0

55.2

57.8

60.8

64.0

67.4

0.1

0.1

0.1

0.1

0.1

0.1

0.1

6.2

6.5

6.8

7.2

7.5

7.7

7.9

8.2

165.7

182.2

207.7

240.9

269.8

296.3

324.4

347.1

370.4

1.5

1.6

1.7

1.8

1.9

2.0

2.1

2.2

2.3

2.4

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

46.2

46.4

47.0

47.5

48.0

48.6

49.0

49.5

49.9

50.3

Table Sauces

176.7

186.1

188.6

196.8

204.3

211.0

216.4

221.4

227.1

233.9

Ketchup

40.5

42.5

42.9

48.0

52.3

55.7

58.0

60.2

62.9

66.1

121.8

128.1

129.6

132.0

134.5

137.1

139.7

141.9

144.3

147.2

Mustard

3.7

3.8

3.8

3.8

3.8

3.9

3.9

3.9

4.0

4.0

Salad Dressings

3.0

3.3

3.5

3.7

3.8

4.0

4.2

4.3

4.5

4.6

Soy-Based Sauces

6.1

6.8

7.2

7.6

8.0

8.5

8.9

9.3

9.7

10.1

Vinaigrettes

0.3

0.3

0.3

0.3

0.4

0.4

0.4

0.4

0.4

0.4

Other Table Sauces

1.4

1.4

1.4

1.4

1.4

1.4

1.4

1.5

1.5

1.5

Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices Pasta Sauces Wet/Cooking Sauces Dips Pickled Products

Mayonnaise

2006

2007

2008

2009

2010

2011

2012

677.8

721.3

743.6

779.6

824.4

864.0

186.9

220.2

239.7

266.8

302.9

41.5

46.7

49.3

50.5

0.1

0.1

0.1

5.7

6.0

137.9

2015

Source: Euromonitor.

Brazil Sauces, Dressings and Condiments Market –Top 5 Brand Shares (by Brand Name) – Historic Retail Value –% Breakdown Brand

2006

2007

2008

2009

2010

Knorr

Unilever Group

15.5

12.7

13.4

13.3

14.2

Hellmann's

Unilever Group

7.8

7.8

7.3

7.2

6.9

Arisco

Unilever Group

5.8

5.4

5.0

4.9

4.7

Kitano

Yoki Alimentos SA Cia Hemmer Indústria e Comércio Ltda

2.9

4.3

4.3

4.4

4.4

4.5

4.5

4.6

4.6

4.0

Hemmer

Company Name (GBO)

Source: Euromonitor.

PAGE 11

REGIONAL DATA (continued) CHILE Chile has a population of over 17 million, of which 89% live in an urban setting. The country’s population growth rate was 1% in 2009. Chile’s largest city is Santiago (5.4 million). Greater Concepcion (848,000), and Greater Valparaiso (824,000) round out the top three largest cities in Chile. Chile’s 2010 estimated GDP per capita was US$11,827, almost double that of the other South American countries over the same period. In 2010, unemployment was listed at 10.8%, and inflation had been moderate, averaging 3.6% between 2007 and 2009. Chile is one of South America’s most stable and prosperous countries, and has one of the lowest poverty rates in South America. It leads the region in human development, competitiveness, income per capita, globalization, economic freedom, low perception of corruption, and peace. The country, however, does have a high level of economic inequality. The government’s role in the economy has focused mainly on regulation. Chile is strongly committed to free trade and has enjoyed a great deal of foreign investment. In 2010, Chile became the first South American country to join the Organisation for Economic Co-operation and Development (OECD). The country’s weighted average tariff rate was 1% in 2008. Chile has approval requirements and strict sanitary and phytosanitary regulations on imports of agricultural products and processed food. The government also controls price bands for certain agricultural products. Food imports into Chile were 7% of total merchandise imports into the country in 2009 (US$41 billion). The cost to import a container into the country was US$795.00 in 2011. The average time to import a container was 20 days. Chile’s geographical make-up contributes to the different diets of its northern, central coast and southern zones. Each area has its own customs and condiments, with foreign influences playing a major role. Chile is considered a multiethnic society whose people come from a variety of ethnic backgrounds. A diversity of food traditions lend to a mix of popular culinary influences from Spain, Germany, Italy, France and the Middle East. The country’s long coastline brings an array of ocean products to the variety of the food as well. Chilean meals are often accompanied by wine, as Chile is one of the world’s largest producers of wine. Transportation in Chile is mostly by road, however, to connect to central Chile by road you must go through Argentina. Aviation is also an important transportation option, due to the country’s geography and long distances between major cities. Iquique, one of the largest duty-free commercial port centers in South America, is located in the northern part of Chile. San Antonio is also a major port in Chile, and the busiest port on the western coast of South America. Valparaiso is another important seaport for the Southwest Pacific, and is located in the lower western region of Chile. Railways play a small part in Chile’s transport system. Chileans purchased more table sauces per household than any other sub-category within the sauces, dressings and condiments sector, totaling US$41.40 for 2010.

PAGE 12

REGIONAL DATA (continued) Chile Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Value – US$ Millions – Fixed 2011 Exchange Rate Category Sauces, Dressings and Condiments Cooking Sauces Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices Monosodium Glutamate (MSG) Pasta Sauces Wet/Cooking Sauces Dips Pickled Products

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

349.0

372.8

411.5

418.9

428.5

452.8

480.9

511.5

544.7

580.5

82.7 49.1

86.8 50.8

97.3 57.7

100.5 59.7

103.3 61.2

109.3 64.8

115.9 68.7

123.2 73.0

131.1 77.6

139.8 82.6

3.0

3.2

3.5

3.5

3.6

3.7

4.0

4.3

4.6

4.9

14.9

15.7

17.3

17.8

18.5

19.7

20.9

22.3

23.7

25.3

0.2

0.2

0.2

0.2

0.2

0.3

0.3

0.3

0.3

0.3

4.7

5.0

5.5

5.5

5.6

5.9

6.2

6.7

7.1

7.7

10.8

11.9

13.1

13.9

14.2

14.9

15.8

16.8

17.8

18.9

0.7

0.7

0.7

0.7

0.7

0.8

0.8

0.9

0.9

1.0

22.9

23.5

24.5

24.0

24.1

25.0

26.2

27.5

29

30.6

167.9

183.3

198.4

196.4

198.3

208.2

2221

235.5

251.5

269.2

Barbecue Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Brown Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cocktail Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Curry Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Table Sauces

Fish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Horseradish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Ketchup

18.5

19.7

21.8

22.1

22.5

23.8

25.3

27.0

28.9

31.0

Mayonnaise

93.9

105.1

112.9

106.6

106.1

111.4

117.9

125.5

134.1

143.7

Mustard

11.8

12.0

13.1

13.6

14.0

14.8

15.7

16.7

17.8

18.9

Oyster Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Salad Dressings

0.1

0.4

0.5

0.6

0.7

0.8

0.8

0.9

1.0

1.1

16.6

18.9

20.9

21.7

22.3

23.7

25.3

27.0

28.9

30.9

24.9

25.0

27.0

29.5

30.4

31.3

33.3

35.5

37.9

40.4

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

0

0

0

0

0

0

0

0

0.1

0.1

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

2.1

2.2

2.2

2.3

2.4

2.4

2.6

2.7

2.9

3.1

73.4

76.9

88.8

95.5

100.3

107.6

115

122.4

129.8

137.5

1.5

1.6

1.7

1.8

1.8

1.9

2

2.1

2.3

2.4

Soy-Based Sauces Spicy Chili/Pepper Sauces Tartar Sauces Vinaigrettes Worcester/Steak Sauces Other Table Sauces Tomato Pastes and Purées Other Sauces, Dressings and Condiments Source: Euromonitor.

PAGE 13

REGIONAL DATA (continued) Chile Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Volume in '000 tonnes Category Sauces, Dressings and Condiments Cooking Sauces

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

83.7

86.9

89.8

90.9

92.5

94.2

96.0

97.9

99.9

101.9

8.6

9.1

9.4

9.6

9.7

9.9

10.1

10.3

10.5

10.7

5.8

6.1

6.3

6.4

6.6

6.7

6.9

7.0

7.1

7.2

Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.5

0.5

Pasta Sauces

1.0

1.1

1.1

1.1

1.1

1.1

1.1

1.2

1.2

1.2

Wet/Cooking Sauces

1.2

1.3

1.4

1.4

1.4

1.4

1.4

1.4

1.5

1.5

Dips

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Pickled Products

3.9

4.0

4.0

4.0

4.0

4.0

4.0

4.1

4.1

4.2

Table Sauces

39.1

41.0

42.8

43.1

43.5

44.3

45.2

46.3

47.5

48.8

Ketchup

4.9

5.1

5.2

5.3

5.3

5.4

5.5

5.6

5.7

5.8

28.4

29.9

31.3

31.6

32.0

32.5

33.3

34.1

35.0

36.0

Mustard

3.4

3.5

3.5

3.5

3.5

3.6

3.6

3.7

3.8

3.8

Salad Dressings

0.0

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Soy-Based Sauces

1.8

1.9

2.0

2.1

2.1

2.1

2.2

2.3

2.3

2.4

Vinaigrettes

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other Table Sauces

0.5

0.5

0.5

0.5

0.5

0.5

0.6

0.6

0.6

0.6

Mayonnaise

Source: Euromonitor.

Chile Sauces, Dressings and Condiments Market –Top 5 Brand Shares (by Brand Name) – Historic Retail Value –% Breakdown Brand

2006

2007

2008

2009

2010

Maggi

Company Name (GBO) Nestlé SA

19.8

19.5

19.6

19.5

19.5

Hellmann's

Unilever Group

18.2

19.0

18.8

17.7

17.4

Malloa

Unilever Group

9.5

9.2

9.5

10.0

10.3

Don Juan

ICB SA

7.7

7.2

6.9

7.0

6.9

JB

Unilever Group

6.1

6.0

6.0

6.0

5.9

Source: Euromonitor.

PAGE 14

REGIONAL DATA (continued) COLOMBIA Colombia’s population reached 46.3 million in 2010 (2% annual growth rate), with 75% living in an urban setting. Analysts predict Colombia’s population will reach 50.7 million by 2015. Colombia is the second-largest and most populated country in South America, after Brazil. The majority of urban centres are located in the Andes mountains, however 20% of Colombia’s population live along the Caribbean coast. Bogota D.C. is the country’s largest city (8 million), and is one of the most influential cities in South America. Medellin (2.3 million) is the second-largest city. The city of Cali boasts a population of 2.2 million and is Colombia’s third-largest city. Colombia’s economy is the fourth-largest in South America. In 2009, 46% of Colombians lived below the poverty line and 17% lived in extreme poverty. In 2010, Colombia’s unemployment rate was estimated to be 11.8%, and inflation was estimated at 2.3%. The International Monetary Fund reported that Colombia’s real GDP growth was 4.3% in 2010, representing a return to the progress made during the years immediately preceding the recession of 2008-09. Increases in military strength and police presence throughout the country have improved personal security levels, made major cities and highways safer, and boosted tourism. In 2010, Colombia reportedly received 1.4 million foreign visitors. Colombia is one of the most ethnically diverse and multicultural nations in the world. Accent, dress, music, food, politics and attitudes vary greatly between regions. Native American, Spanish, African, Middle Eastern and other European cultures are found amongst the country’s population, and influence the country’s cuisine. Food imports were 10% of total merchandise imports for 2009 (US$32.8 billion). Time to import averaged 13 days in 2011. The cost to import a container of merchandise into Colombia in 2011 was US$2830.00. Beef, poultry, fresh water fish, local vegetables, and herbs are typical Amazonian ingredients. In 2010, pasta sauce, soy sauce and table sauces posted the highest value growths in the country’s sauce, dressing and condiments sector. Salads are becoming more popular with Colombians, as evidenced in the healthy growth experienced by dressings. Premium brands are gaining popularity as Colombians look to reproduce restaurant-quality meals at home. Euromonitor is forecasting growth in the sauce, dressing and condiments sector in Colombia, driven by new and exotic flavours and more healthy offerings such as low-fat dressings. Two major ports are located in the cities of Barranquilla (1.2 million) and Cartagena (956,000). Buenaventura (370,000), however, is the main Pacific port. The Pan-American Highway travels through Colombia and connects it to Ecuador and Venezuela. The country is home to a number of airports, however the Eldorado International Airport is the busiest airport in South America based on the number of flights and the weight of goods transported. Due to its central location it is preferred by both national land transportation providers, and international air transport providers.

Within the sauces, dressings and condiments sector in Colombia, the table sauces sub-category experienced the highest per household spending in 2010, with US$13.90.

PAGE 15

REGIONAL DATA (continued) Colombia Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Value – US$ Millions – Fixed 2011 Exchange Rate Category Sauces, Dressings and Condiments

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

286.3

309.8

334.7

360.5

383.1

406.8

432.8

459.3

487.1

516.5

Cooking Sauces Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices Monosodium Glutamate (MSG) Pasta Sauces

120.8 67.7

135.5 79.5

146.0 85.4

155.7 91.7

162.4 94.5

171.6 99.6

181.8 105.5

192.1 111.5

203 117.9

241.7 124.8

5.6

5.8

6.3

6.6

6.9

7.2

7.5

7.8

8.1

8.5

42.1

44.6

47.9

50.5

53.5

56.7

60.2

63.5

67.1

70.8

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

5.0

5.3

5.9

6.5

7.0

7.5

8.1

8.7

9.3

10.0

Wet/Cooking Sauces

0.4

0.4

0.4

0.5

0.5

0.6

0.6

0.6

0.7

0.7

10.7

11.1

12.1

12.8

13.6

14.3

15.1

15.9

16.9

17.9

Dips Pickled Products

7.5

8.0

8.5

9.2

9.7

10.0

10.4

10.8

11.3

11.8

128.7

134.7

145.7

158.3

171.2

182.9

195.4

208.2

221.5

235.4

Barbecue Sauces

2.6

2.7

3.0

3.3

3.6

3.9

4.1

4.4

4.7

4.9

Brown Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cocktail Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Curry Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Table Sauces

Fish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Horseradish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Ketchup

55.1

57.2

61.9

68.6

75.2

80.5

86.2

92.2

98.4

104.8

Mayonnaise

38.6

39.9

43.3

46.2

49.8

53.7

57.7

61.8

66.0

70.6

Mustard

5.3

5.5

6.0

6.2

6.4

6.7

7.0

7.3

7.5

7.8

Oyster Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Salad Dressings

2.0

2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

3.9

Soy-Based Sauces Spicy Chili/Pepper Sauces Tartar Sauces

11.1

12.6

13.7

15.1

16.5

17.6

18.8

20.1

21.4

22.8

6.5

6.8

7.3

7.6

7.9

8.2

8.5

8.9

9.3

9.7

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Vinaigrettes Worcester/Steak Sauces Other Table Sauces Tomato Pastes and Purées Other Sauces, Dressings and Condiments

1.2

1.3

1.4

1.6

1.7

1.8

1.9

2.0

2.1

2.2

2.7

2.8

3.0

3.1

3.3

3.4

3.5

3.6

3.7

3.7

3.6

3.6

3.9

4.0

4.2

4.3

4.5

4.6

4.8

4.9

18.0

19.7

21.7

23.5

25.3

27.1

29.2

31.2

33.3

35.6

0.7

0.7

0.8

0.8

0.9

0.9

1

1

1

1.1

Source: Euromonitor.

PAGE 16

REGIONAL DATA (continued) Colombia Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Volume in '000 tonnes Category Sauces, Dressings and Condiments Cooking Sauces

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

47.3

48.9

50.1

51.0

52.3

53.7

55.2

56.7

58.3

59.9

11.9

12.8

13.2

13.4

13.6

14.0

14.3

14.6

15.0

15.4

9.4

10.1

10.5

10.6

10.8

11.1

11.4

11.7

12.0

12.4

Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

1.6

1.6

1.6

1.7

1.7

1.7

1.7

1.7

1.8

1.8

Pasta Sauces

0.7

0.7

0.7

0.7

0.8

0.8

0.8

0.8

0.8

0.9

Wet/Cooking Sauces

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Dips

0.9

1.0

1.0

1.0

1.0

1.0

1.0

1.1

1.1

1.1

Pickled Products

1.2

1.2

1.2

1.2

1.2

1.2

1.2

1.3

1.3

1.3

Table Sauces

29.6

30.2

30.8

31.5

32.4

33.3

34.3

35.3

36.4

37.5

Ketchup

16.9

17.2

17.5

17.9

18.4

18.9

19.4

19.9

20.5

21.0

Mayonnaise

8.8

9.0

9.2

9.4

9.8

10.2

10.7

11.1

11.5

12.0

Mustard

1.1

1.1

1.2

1.2

1.2

1.2

1.2

1.2

1.2

1.3

Salad Dressings

0.4

0.4

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

Soy-Based Sauces

1.5

1.6

1.6

1.6

1.6

1.7

1.7

1.7

1.7

1.8

Vinaigrettes

0.2

0.2

0.2

0.2

0.2

0.2

0.3

0.3

0.3

0.3

Other Table Sauces

0.7

0.7

0.7

0.7

0.7

0.7

0.7

0.7

0.7

0.7

Source: Euromonitor.

Colombia Sauces, Dressings and Condiments Market –Top 5 Brand Shares (by Brand Name) – Historic Retail Value –% Breakdown Brand

Company Name (GBO)

2006

2007

2008

2009

2010

19.2

18.9

19.8

20.1

20.6

Nestlé SA

9.7

10.5

10.6

10.2

9.9

Quala SA Fábrica de Especias y Productos El Rey SA Unilever Group

8.1

9.0

8.6

8.5

8.2

7.3

7.3

6.9

6.8

6.9

2.9

2.6

2.8

3.7

3.6

Fruco

Unilever Group

Maggi Doña Gallina El Rey Knorr Source: Euromonitor.

PAGE 17

REGIONAL DATA (continued) VENEZUELA In 2010, Venezuela had a population of 28.8 million (annual growth rate of 2%), of which 94% live in an urban setting, making the country one of the most urbanized in South America. The most highly populated urban areas are located in the north, including the largest city, Caracas (2.1 million). Seventy-three percent of the population live within 100 kilometers of the coastline. Other major cities are Maracaibo, Valencia, Maracy, Barquisimto, Merida, San Cristobal and Barcelona-Puerto La Cruz. Venezuela’s per capita GDP for 2010 was estimated at US$12,700, ranking it 92nd in the world. Approximately 30% of the country’s population live on less than US$2.00 per day. The unemployment rate for Venezuela, was estimated to be 8.5% in 2010. Inflation sat at 30% in 2010. The country’s economy is directly linked to its oil exports, and with the recent drop in oil prices, the Venezuelan economy contracted from 2009 to 2010. It can be challenging to do business in Venezuela. The economy is highly controlled by the government, which has nationalized firms in the agribusiness, financial, construction, oil and steel sectors, impairing private investment, reducing productivity and slowing non-petroleum exports. Venezuela imports about two-thirds of its food needs, totalling 16% of the country’s total merchandise imports for 2009 (US$37.1 billion). In general, the cost to import merchandise was US$2,868 in 2011, with time to import averaging 71 days. The Venezuelan economy has been experiencing challenges where some condiments are under price regulation, while others, like pickled products, are in high demand but facing import difficulties. Growth in the sauces, dressings and condiments sector in Venezuela slowed in 2010 but is still positive, with the competition in this sector based more on price than added value. Euromonitor is predicting the sector will remain stable in volume growth. Products that are related to the preparation of low-cost dishes, such as pasta and bouillon/stock cubes, private label, economy products, and those that are part of the regular diet of the majority of Venezuelans, will be important sector performers. Italian, Spanish, African, Native American, Portuguese and French food traditions influence Venezuelan cuisine, with regional variations. The Venezuelan eastern, south-eastern, and northern states use fish, seafood, root vegetables, cereals, beef, fruit, rice and pasta in their dishes. Western states commonly incorporate goat, rabbit, plantain, and cheese into their daily meals. Root vegetables, beef, lamb, chicken, squashes and zucchini are also part of the diet in the Andean region. Street food vendors are popular in Venezuela. Popular condiments that accompany street-vendor foods are ketchup, mayonnaise, mustard, guasacaca, garlic sauce, onion sauce, hot chili and tartar sauce. Venezuela’s major sea ports are La Guaira, Maracaibo and Puerto Cabello. Air transport is the primary connection the country has to the rest of the world. Venezuela’s mountains, which border Colombia to the west, and Brazil and Guyana to the south and east, as well as the rainforest region in the south and east of the country, limit cross-border transport. Rail is limited in the country, with no connections to other countries.

For 2010, per household spending in Venezuela in the sauces, dressings and condiments sector was greatest in the table sauces sub-category, at US$48.90.

PAGE 18

REGIONAL DATA (continued) Venezuela Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Value – US$ Millions – Fixed 2011 Exchange Rate Category Sauces, Dressings and Condiments

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

327.7

395.2

487.1

635.9

806.6 1,197.0 1,593.6 2,084.2 2,687.9 3,407.5

Cooking Sauces Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices Monosodium Glutamate (MSG) Pasta Sauces

102.6 51.9

129.3 68.8

169.0 85.8

217.4 115.0

286.9 158.4

399.0 226.8

533.7 305.9

704.4 406.8

2.5

3.1

4.1

4.5

8.7

11.5

15.0

19.4

24.8

31.3

9.9

11.2

13.9

19.1

26.0

31.5

41.6

54.4

70.1

89.0

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

27.7

33.2

44.0

54.4

68.3

91.2

122.2

161.2

209.4

267.4

Wet/Cooking Sauces

10.6

13.0

21.3

24.4

25.5

38.1

48.9

62.5

79.7

100.7

0.0

0.0

0.1

0.1

0.1

0.2

0.2

0.3

0.4

0.5

Dips Pickled Products

919.6 1,180.9 535.5 692.6

38.0

50.8

70.0

99.5

119.7

152.9

199.7

257.2

326.2

407.1

164.4

183.6

205.6

268.2

319.2

516.6

688.1

895.3 1,146.8

1,442

Barbecue Sauces

0.9

0.9

1.4

1.9

2.8

3.2

4.3

5.6

7.2

9.2

Brown Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Cocktail Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Curry Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Table Sauces

Fish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Horseradish Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Ketchup

86.3

90.6

95.0

143.3

165.9

266.6

358.1

465.4

593.6

741.9

Mayonnaise

35.1

39.5

37.1

48.5

47.4

104.0

137.4

179.7

231.7

293.8

Mustard

15.3

19.3

23.4

24.6

37.8

52.1

69.8

92.0

119.1

151.5

Oyster Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Salad Dressings

1.3

1.3

1.7

2.0

3.0

3.9

5.2

6.8

8.7

11.0

Soy-Based Sauces Spicy Chili/Pepper Sauces Tartar Sauces

9.1

12.2

17.6

20.6

25.5

34.9

45.4

58.3

74.4

93.4

4.8

5.7

8.2

8.1

12.3

16.9

22.5

29.4

37.9

48.1

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

0.3

0.3

0.3

0.4

0.6

0.8

1.0

1.3

1.6

2.1

11.3

13.8

20.9

18.6

24.1

34.2

44.3

56.8

72.5

91.1

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

22.7

31.5

42.3

50.7

80.7

128.4

171.9

227

298

376.9

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Vinaigrettes Worcester/Steak Sauces Other Table Sauces Tomato Pastes and Purées Other Sauces, Dressings and Condiments Source: Euromonitor.

PAGE 19

REGIONAL DATA (continued) Venezuela Market Sizes – Sauces, Dressings and Condiments – Historic/Forecast Retail Volume in '000 tonnes Category Sauces, Dressings and Condiments Cooking Sauces

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

109.9

112.5

113.1

115.2

116.0

117.0

119.7

121.8

124.1

126.4

20.6

21.3

22.2

22.6

22.9

23.3

23.8

24.5

25.2

26.0

11.7

12.2

12.6

12.9

13.2

13.5

13.8

14.2

14.6

15.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

Pasta Sauces

5.7

5.8

5.8

5.9

6.0

6.1

6.3

6.5

6.7

6.9

Wet/Cooking Sauces

2.7

2.7

3.2

3.2

3.2

3.2

3.2

3.2

3.3

3.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Pickled Products

10.5

10.9

11.2

11.3

11.0

10.8

10.8

10.9

11.0

11.1

Table Sauces

69.2

70.6

69.9

71.5

72.3

72.9

74.9

76.1

77.4

78.6

Ketchup

44.7

45.5

45.9

46.2

47.4

47.6

49.1

49.8

50.5

51.1

Mayonnaise

18.7

19.2

17.9

19.0

18.6

19.0

19.4

19.8

20.3

20.8

Mustard

3.0

3.1

3.2

3.2

3.3

3.3

3.4

3.4

3.5

3.5

Salad Dressings

0.1

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

Soy-Based Sauces

2.6

2.7

2.8

2.9

2.8

2.8

2.9

2.9

3.0

3.0

Vinaigrettes

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other Table Sauces

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Bouillon/Stock Cubes Dry Sauces/Powder Mixes Herbs and Spices

Dips

Source: Euromonitor.

Venezuela Sauces, Dressings and Condiments Market –Top 5 Brand Shares (by Brand Name) – Historic Retail Value –% Breakdown Brand

Company Name (GBO)

2006

2007

2008

2009

2010

19.6

18.6

18.3

19.3

19.5

Nestlé SA

7.6

8.0

7.8

7.7

8.5

Iberia

Industrias Iberia CA

4.6

5.4

6.4

7.0

8.3

Pampero

Empresas Polar CA

9.4

8.8

7.8

8.4

8.0

Eureka

Procesadora de Alimentos CA

2.3

2.6

2.8

3.5

4.2

Heinz

Heinz Co, HJ

Maggi

Source: Euromonitor.

PAGE 20

RESOURCES The Canadian Embassy in Argentina Tagle 2828 Buenos Aires, (C1425EEH), Argentina Tel: (011-54-11) 4808-1000 Fax: (011-54-11) 4808-1015 Agriculture contact: Christopher Wimmer [email protected]

The Consulate General of Canada, Sao Paulo Avenida das Nações Unidas, 12901 CENU Torre Norte, 16th floor São Paulo, SP 04578-000 Brazil Tel: (55-11) 5509-4321 Fax: (55-11) 5509-4317 Agriculture contact: Marcio Francesquine [email protected]

The Embassy of Canada to Chile Nueva Tajamar 481, 12th Floor, Torre Norte, Las Condes Santiago, Chile Tel: (011-56-2) 652-3800 Fax: (011-56-2) 652-3915 Agriculture contact: Renee Plouffe [email protected]

The Embassy of Canada to Colombia Scotiabank Tower, 14th Floor Carrera 7 # 114-33 Bogota, Colombia Tel: (011-57-1) 657-9800 Fax: (011-57-1) 657-9915 Agriculture contact: Juan Carlos Navia [email protected]

The Embassy of Canada to Venezuela Avenida Francisco de Miranda con Av. Sur Altamira Caracas, Venezuela Tel: (011-58-212) 600-3000 Fax: (011-58-212) 600-3036 Agriculture contact: David Ramirez [email protected]

PAGE 21

BIBLIOGRAPHY 2011 Index of Economic Freedom. Chile. [www.heritage.org/index/Country/Chile] Arab News.com. “Is Brazil’s Consumer-spending boom a bubble?” July 23, 2011. [http://arabnews.com/ economy/article476844.ece] The CIA World Factbook. Argentina. [www.cia.gov/library/publications/the-world-factbook/geos/ar.html] The CIA World Factbook. South America. [www.cia.gov/library/publications/the-world-factbook/wfbExt/ region_soa.html] The Economist. “Economics A-Z.” Accessed on January 3, 2012. [www.economist.com/economics-a-to-z] Economy Watch. Econ Stats. [www.economywatch.com]

“Argentina

GDP

Growth

Statistics.”

October

25,

2011.

Euromonitor. “Consumer Lifestyles in Brazil.” December 8, 2010. Export Development Canada. “Brazil, An Ocean of Opportunity.” October 6, 2011. [[email protected]] Export Development Canada. “Country report - Brazil.” June 2011, Economic and Political Intelligence Centre. [[email protected]] Export Development Canada. “The Global Feeding Frenzy.” Sept. 29, 2011. [[email protected]] International Monetary Fund. Data and Statistics. World Economic Outlook Database. Chile. April 2011. [www.imf.org] MercoPress. "Almost Half of 43.7 Million Colombians Live Below the Poverty Line." May 4, 2010. [http:// en.mercopress.com/2010/05/04/almost-half-of-43.7-million-colombians-live-below-the-poverty-line] Reuters International. “Argentina Defies Economic Gloom.” October 11, 2011. [www.reuters.com/ video/2011/10/11/argentina-defies-economic-gloom?videoId=222424755] South Atlantic News. “Roubini forecasts “cloudy” outlook for the Argentine economy in 2011.” October 26, 2010. [http://en.mercopress.com/2010/10/26/roubini-forecasts-cloudy-outlook-for-the- argentineeconomy-in-2011 ] World Bank. World Development Indicators. July 28, 2011. [http://data.worldbank.org/data-catalog]

PAGE 22

The Government of Canada has prepared this report based on primary and secondary sources of information. Although every effort has been made to ensure that the information is accurate, Agriculture and Agri-Food Canada assumes no liability for any actions taken based on the information contained herein.

Consumer Trends: Sauces, Dressings and Condiments in South America © Her Majesty the Queen in Right of Canada, represented by the Minister of Agriculture and Agri-Food Canada (2012). ISSN 1920-6615 AAFC No. 11778E Photo Credits All photographs reproduced in this publication are used by permission of the rights holders. All images, unless otherwise noted, are copyright Her Majesty the Queen in Right of Canada. For additional copies of this publication or to request an alternate format, please contact: Agriculture and Agri-Food Canada 1341 Baseline Road, Tower 5, 4th floor Ottawa, ON Canada K1A 0C5 E-mail: [email protected] Aussi disponible en français sous le titre : Tendances de consommation : Sauces, vinaigrettes et condiments en Amérique du Sud